GRVT To Be Launched as zkSync’s First “Hyperchain”
GRVT (pronounced “gravity”), a hybrid crypto exchange combining centralized and decentralized exchange benefits, is set to debut as the first “hyperchain” in the zkSync ecosystem.
Developed by Matter Labs, the creator of Ethereum Layer 2 zkSync, GRVT is designed to offer users a Robinhood-like experience while incorporating self-custodial features typically associated with Uniswap-like exchanges. It will operate as zkSync’s first “Hyperchain,” serving as a Layer 3 Validium within the zkSync ecosystem.
Validiums are Ethereum scaling networks that operate similarly to zk-rollups, with the key distinction being that Validiums store data off-chain, encrypting it before adding it to the blockchain. This approach helps protect users from front-running and market manipulation.
According to Matter Labs, zkSync has created new possibilities for platforms like GRVT. A Matter Labs spokesperson stated that there is currently nothing like GRVT being built, either within the zkSync ecosystem or beyond it. The ability to design and deploy custom hyperchains connected through hyperbridges allows teams like GRVT to create entirely new use cases.
GRVT Launch Details
The closed alpha version of the hybrid crypto exchange is expected to launch next month, with the mainnet scheduled for the first quarter of the following year. GRVT aims to provide a transaction speed of up to 600,000 trades per second with less than two milliseconds of latency, thanks to zkSync’s horizontally scaling infrastructure.
Hong Yea, the co-founder and CEO of GRVT, explained that horizontal scaling means deploying additional underlying pairs as new hyperchains, allowing for high-frequency trading with increased efficiency and scalability.
GRVT is backed by Matter Labs, CMS Holdings, and other investors. Last month, it announced raising $7.1 million in pre-seed and seed funding through equity with a token warrant round, valuing the project at $39 million post-money. The launch of GRVT’s token is expected in 2024.
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